U.K. credit spreads widen to second-highest among G7

LauraMandaro

SAN FRANCISCO (MarketWatch) -- The cost of buying protection against the British government defaulting on its debt increased further Wednesday and is now the second-highest among G7 countries thanks to the government's efforts to bail out the country's banking system, said data provider Markit. A credit-default swap spread of 63 basis points has increased by 32 basis points in about the last month and ranks behind Italy, whose debt has a spread of 114 basis points. Higher spreads indicate investors are more afraid a borrower will renege on its debt. U.S. government default spreads have climbed 7 basis points in the last month, to 34 basis points. One basis point is 1/100th of a percentage point.

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